HomeMy WebLinkAbout1H OCRCity Council Staff Re{Jort
DATE: October 22, 2020 CONSENT CALENDAR
SUBJECT: TREASURER'S INVESTMENT REPORT AS OF AUGUST 31, 2020
FROM:
BY:
Nancy Pauley, Director of Finance and Treasurer
Department of Finance and Treasury
SUMMARY
Attached is the Treasurer's Investment Report as of August 31, 2020. The report
includes the face value and coupon rate (if applicable) of the investments and the
source for the market value estimate. The City's total invested cash and
marketable securities is $235,686,776. There is an additional $26,904,244 held by
fiscal agent for bond issue reserves, debt service, and related funds, and $595,484
in other miscellaneous accounts.
RECOMMENDATION:
Receive and File Treasurer's Investment Report as of August 31, 2020.
STAFF ANALYSIS:
The attached report includes the face value and coupon rate (if applicable) of the
investments and the source for the market value estimate. Also included is
information on the investments of bond issue reserve, debt service and related
funds.
The investments, in type, maturity and as a percentage of the total portfolio, are in
compliance with the existing City Council approved investment policy.
2City Council Staff Report October 22, 2020 -Page 2 Treasurer's Investment Report as of August 31, 2020 The weighted average maturity (WAM) of the portfolio is 243 days. The maximum WAM allowed by the Investment Policy is 1,095 days. The current portfolio and expected revenue cash flow will be sufficient to meet budgeted expenditure requirements for the next six months and the foreseeable future thereafter. FISCAL IMPACT: None. ~ -, ~ ;,/::::::, ~ ~ David H. Ready.Esq. E City Manager acyPu1ey Director of Finance/City Treasurer Attachments: Treasurer's Investment Report
3!On Call Deposits
CITY OF PALM SPRINGS
TREASURER'S MONTHLY REPORT
SUMMARY OF INVESTMENTS
August 31 , 2020
Adjusted Basis
Checking Account -Bank of America 15,700,096
Union Bank 29,471,158
CalTrust Short Term 37,349,393
LAIF State Pool 69,149,888 $
Short Term Investments -Union Bank
1 year or less J
U.S. Government Agencies 4,500,000
vestments -Union I
ears)
U.S. Government Agencies 71!040,842
!Corporate Bonds/Obligations -Union Bank !5 years or less)
Corporate Bonds 3,198,093
Negotiable Certificates of Deposit -Union Bank
5 years or less J
FDIC-Insured CD's 5,250,000
Total Cash and Marketable Securities $
Adjustments from prior month -
Ending Cash Balance: $
Page 1 of 9
Category Total Percentage of Total
151,670,534 64.36%
4,500,000 1.91%
71,040,842 30.15%
3,198,093 1.36%
5,250,000 2.23%
235,659,469 100.00%
27,307
235,686,776
4CITY OF PALM SPRINGS
TREASURER'S MONTHLY REPORT
PORTFOLIO STATISTICS
August 31, 2020
Portfolio Composition
Investment Type
U.S. Government Agencies
LAI F State Pool
CalTrust Short Term
Checking/Custody
Corporate Bonds/Obligations
Certificates of De(:!osit
TOTAL
LAIF State Pool
29.3%
U.S. Government Agencies
32.1%
$
Cost Basis
75,540,842
69,149,888
37,349,393
45,171,254
3,198,093
51250,000
235,659,469
CalTrust Short Term
15.8%
Checking/Custody
19.2%
Corporate
Bonds/Obligations
Certificates of 1.4%
Deposit
2.2%
Page 2 of 9
o"
$~~-1.,.
Portfolio Liquidity
Aging Interval*
Overnight
Less than 1 Year
1 -
2
Years
2 -
3
Years
3 -4 Years
4 -
5
Years
TOTAL
*To maturity (does not include call date)
($.r.
~~
~~
,l >:.
$~,.
./,
,i)>:.
$~,. ...
Par Value
151,670,534
8,000,000
41,887,312
33,601,622
500,000
$ 235,659,469
$500,000 $0
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5TREASURER'S MONTHLY REPORT
DETAIL OF INVESTMENTS
August 31, 2020
Par Value Coupon Moody's / S&P Purchase Maturity/Called Days Yield Cost Basis Category Market Value as of Market Value as of
~ BminQ lli!m ~ ~ to Maturjty Total August 31 202Q June ~Q 2Q2Q
!on Call Deposits
Checking -Bank of America 15,700,096 N/A N/A Demand 1 None 15,700,096 15,700,096 9,869,920
Union Bank 29,471,158 variable NIA Demand 1 None 29,471,158 29,471,158 0
CalTrust ShortTerm 37,349,393 variable NIA Demand 1 1.64% 37,349,393 37,349,393 91,023,854
Local Agency Invest Fund (LAIF) 69149 888 variable N/A Demand 1 1.79% 69149 888 69149888 73,894,690
!short Term Investments {1 ~ear or less) I
151 ,670,534 151 ,670,534 151,670,534 174,788,464
US Agency Securities
Federal Home Loan Mortgage Corporation 3,000,000 1.70% Aaa/AA+ 09/18/17 09/28/20 28 1.70% 3,000,000 3,003,480 3 ,010,710
Federal National Mortgage Association 500,000 1.50% Aaa/AA+ 02/24/16 11/24/20 85 1.50% 500,000 501,565 502,600
Federal National Mortgage Association 1000000 1.75% Aaa/AA+ 08/16/17 02/16/21 169 1.75% 1000000 1 007,250 109 590
!Medium Term Investments {1 ~ear to 3 ~ears) I
4,500,000 4,500,000 4,512,295 3,622,900
US Agency Securities
Federal National Mortgage Association 1,000,000 1.40% Aaa/AA+ 08/03/16 08/25/21 359 1.40% 1,000,000 1,012,190 1,013,110
Federal Home Loan Bank 1,000,000 1.05% Aaa/AA+ 10/11/16 11/15/21 441 1.05% 1,000,000 1,022,540 1,024,010
Federal Home Loan Bank 3,000,000 1.63% Aaa/AA+ 03/17/20 12/20/21 476 1.63% 3,046,440 3,058,440 3,060,780
Federal National Mortgage Association 3,000,000 2.00% Aaa/AA+ 03/17/20 01/05/22 492 2 .00% 3 ,068,010 3,076,470 3,082,200
Federal National Mortgage Association 3,000,000 2.63% Aaa/AA+ 03/17/20 01/11/22 498 2.63% 3,106,080 3,100,260 3,111 ,120
Federal Home Loan Mortgage Corporation 3,000,000 2.38% Aaa/AA 03/17/20 01/13/22 500 2.38% 3,092,820 3,091,800 3,100,020
US Treasury Notes 3,050,000 1.75% Aaa/ AA+ 03/24/20 05/31/22 638 1.75% 3,142,334 3,135,187 3,141,866
Federal Home Loan Mortgage Corporation 3,000,000 2.50% Aaa/AA+ 07/24/20 06/08/22 646 2.16% 3,001,500 3,003,990 0
US Treasury Notes 3,050,000 1.75% Aaa/AA+ 03/24/20 06/15/22 653 1.75% 3,147,100 3,137,200 3,144,367
US Treasury Notes 3,050,000 1.75% Aaa/ AA+ 03/24/20 06/30/22 668 1.75% 3,147,814 3,139,487 3,146,014
US Treasury Notes 3,050,000 1.75% Aaa/AA+ 03/24/20 07/15/22 683 1.75% 3,146,504 3,141 ,256 3 ,148,058
Federal Home Loan Mortgage Corporation 2,675,000 1.25% Aaa/AA+ 07/24/20 07/25/22 693 2.21% 2,669,490 2,672,753
US Treasury Notes 3,050,000 1.50% Aaa/AA+ 03/24/20 08/15/22 714 1.50% 3,132,922 3,130,764 3,136,254
US Treasury Notes 3,050,000 1.63% Aaa/AA+ 03/24/20 08/15/22 714 1.63% 3,141,619 3,138,511 3,144,123
Federal National Mortgage Association 3,000,000 1.38% Aaa/ AA+ 03/20/20 09/06/22 736 1.38% 3,054,180 3,071,850 3,074,520
Federal National Mortgage Association 3,000,000 2.00% Aaa/ AA+ 03/20/20 10/05/22 765 2 .00% 3,092,160 3,114,120 3,114,930
Federal Home Loan Bank 2,000,000 3.20% Aaa/ AA+ 04/26/20 10/26/22 786 3 .20% 2,000,000 2,008,860 2,017,780
US Treasury Notes 3,175,000 1.50% Aaa/AA+ 03/24/20 01/15/23 867 1.50% 3,271,366 3,277,584 3,281,426
Federal National Mortgage Association 3,000,000 2.38% Aaa/AA+ 03/20/20 01/19/23 871 2 .38% 3,134,100 3,155,910 3,169,290
Federal Home Loan Bank 3,000,000 1.38% Aaa/AA+ 03/20/20 02/17/23 900 1.38% 3,052,314 3,087,030 3,088,260
US Treasury Notes 3,175,000 1.50% Aaa/AA+ 03/24/20 02/28/23 911 1.50% 3 ,275,459 3,282,664 3,286,855
US Treasury Notes 3,175,000 0.50% Aaa/ AA+ 03/24/20 03/15/23 926 0 .50% 3 ,184,302 3,204,020 3,202,654
US Treasury Notes 3,175,000 1.50% Aaa/AA+ 03/24/20 03/31/23 942 1.50% 3 ,277,443 3,286,125 3,290,475
Federal Home Loan Mortgage Corporation 2,790,000 2.50% Aaa/AA+ 07/10/20 07/10/23 1,043 2.50% 2,784,002 2,790,167 0
Federal Home Loan Mortgage Corporation 2,0751000 2.50% Aaa/AA+ 08/19/20 08/24/23 1,088 2 .50% 2 072 884 2 074 585 0
69,540,000 71,040,842 71,213,762 60,778,112
!corporate Bonds/Obligations {5 ~ears or less)
Apple Incorporated 2,000,000 2.15% FDIC 04/09/20 02/09/22 527 2.10% 2,044,680 2,054,900 2,057,740
Microsoft Corporation 1,114000 2.00% FDIC 04/13/20 08/08/23 1,072 1.92% 1153413 1166 514 1165979
3,114,000 3,198,093 3,221 ,414 3,223,719
!Negotiable Certificates of Deposit !5 ~ears or less)
BMW Bank NA CD 250,000 1.90% FDIC 09/08/17 09/08/20 8 1.90% 250,000 250,103 250,870
TIAAFSB CD 250,000 1.90% FDIC 09/18/17 09/14/20 14 1.90% 250,000 250,180 250,943
Page 3 of9
6TREASURER'S MONTHLY REPORT
DETAIL OF INVESTMENTS
August 31, 2020
~ Coupon Moody's I S&P Purchase Maturity/Called Days Yield ~ Category Market Value as of Market Value as of
~ Bmi.!Jg ~ ~ ~ ~ IQ1m August 31 2020 June 30 2020
Key Bank NA CD 250,000 1.85% FDIC 09/27/17 09/25/20 25 1.85% 250,000 250,313 251 ,045
First Bank of Highland CD 250,000 1.90% FDIC 10/23/17 11/02/20 63 1.90% 250,000 250,805 254,540
Barclays Bank CD 250,000 2.00% FDIC 11/03/17 11/09/20 70 2 .00% 250,000 250,943 251,720
Investors Bank CD 250,000 2.10% FDIC 12/27/17 12/28/20 119 2.10% 250,000 251,678 252,480
Carver Federal Savings Bank CD 250,000 2.15% FDIC 12/29/17 12/29/20 120 2.15% 250,000 251,733 252 ,558
Citizens National Bank CO 250,000 2.15% FDIC 01/17/18 01/19/21 141 2.15% 250,000 252,035 252,793
Marlin Business Bank CD 250,000 2 .20% FDIC 01/18/18 01/19/21 141 2 .20% 250,000 252 ,085 252,863
Capital One Bank, NA CD 250,000 2.05% FDIC 08/02/17 08/02/21 336 2.05% 250,000 254,538 255,135
American Express FSB CO 250,000 2.20% FDIC 09/12/17 09/13/21 378 2.20% 250,000 255,395 256,023
Third Federal Savings & Loan CD 250,000 2 .00% FDIC 09/15/17 09/15/21 380 2.00% 250,000 254,918 255,538
Patriot Bank CD 250,000 2 .95% FDIC 07/30/18 01/31/22 518 2.95% 250,000 260,045 260,913
Synchrony Bank CD 250,000 2.70% FDIC 03/11/19 03/15/22 561 2.70% 250,000 259,883 260,695
Merrick Bank CD 250,000 2.65% FDIC 03/11/19 03/21/22 567 2.65% 250,000 259,795 260,550
Goldman Sachs Bank CD 250,000 2.30% FDIC 08/02/17 08/02/22 701 2.30% 250,000 260,360 260,823
American Express Centurion CD 250,000 2.35% FDIC 08/22/17 08/22/22 721 2 .35% 250,000 260,150 260,520
Capital One Bank USA, NA CD 250,000 2.35% FDIC 08/23/17 08/23/22 722 2 .35% 250,000 260,908 261 ,358
Citibank , NA CD 250,000 3.30% FDIC 07/24/18 07/24/23 1,057 3 .30% 250,000 272,398 272,600
Comenity Capital Bank CO 250,000 3.35% FDIC 10/17/18 10/17/23 1,142 3.35% 250,000 274,380 274,450
UBS Bank USA CD 250000 3.35% FDIC 10/17/18 10/17/23 1,142 3.35% 250 000 274 380 274450
5,250,000 5,250,000 5,407,020 5,422,867
!Total Invested Cash I $ 234,074,534 $ 235,659,469 $ 236,025,026 $ 245,778,322
Monthly Portfolio Yield: 1.44%
Benchmark Yields :
12 Month LAIF Average : 2 .19%
Page4 of9
7Account
!Total Cash
11010
Description
Cash and Marketable Securities
Adjustments from Prior Month
I Miscellaneous Accounts
11016 1930's General Store Museum -Bank of America
TREASURER'S MONTHLY REPORT
MISCELLANEOUS AND TRUST ACCOUNTS
August 31, 2020
Yield
Par Value Coupon Rating Maturity to Maturity
$ 235,659,469
9,127 NIA NIA open None
11017 Downpayment Assistance (Housing Fund) -Bank of America 34,228 0.002 NIA open 0.20%
11018 Save the Plaza -Bank of America 303 ,639 NIA NIA open None
11019 Airport Parking -Bank of America 157,854 NIA NIA open None
11020 Petty Cash -Various 2,600 NIA NIA open None
11025 Workers Compensation -Bank of America 85,764 NIA NIA open None
11026 General Liability -Bank of America 2,274 NIA NIA open None
!Total Cash Deposited
Page 5 of 9
Adjusted
Cost Basis
235,659,469
27,307
9,127
34,228
303 ,639
157,854
2,600
85,764
2,274
Category Total
235,686,776
595,484
$ 236,282,260
8TREASURER'S MONTHLY REPORT
CASH WITH FISCAL AGENT (BOND ISSUE RESERVE, DEBT SERVICE, AND RELATED FUNDS)
August31,2020
Par Coupon Yield Adjusted Category Market Value as of Market Value as of
Acct Description Value Rate Rating Maturity to Maturity Cost Basis Total August 31 2020 Source June 30 2020
11030 2015 Reassessment District No.2015-1
First American Government Obligation 272,990 variable AAA open 0.01% 272,990 272,990 US Bank 272,988
11011 Cash with Fiscal Agent -Reserve 2019
Bond Issuance 2,514,123 2,514 ,123 2,514,123 US Bank 2,513,881
11097 Cash with Fiscal Agent -2019 PFC
Bond Issuance 16,781,556 16,781,556 16,781,556 US Bank 19,464,837
11037 2012 Downtown Revitalization Lease Revenue Bond Reserve
Invesco Government & Agency Private 3,247 ,689 variable AAA open 0.01% 3,247,689 3,247,689 US Bank 3,247,375
11039 2012/2014 Convention Center
First American Government Obligation 4 variable AAA open 0.01% 4 4 US Bank 4
2015 Local Measure A Sales Tax
11042 First American Government Obligation 627,361 627,361 627,361 627,355
11043 First American Government Obligation 8,663 variable AAA open 0.01% 8,663 8,663 US Bank 8,663
636,024 636,024 636,018
11080 Funds With Century Golf 1,050,486 N/A N/A demand None 1,050,486 1,050,486 Century Golf 1,527,797
11090 Cash with Fiscal Agent -Refinance 2,272,900 2,272,900 2,272,900 US Bank 2,272,877
2007A&B Tax Allocation Bonds
11092 First American Government Obligation 128,469 128,469 128,469 128,468
11096 Cash with Fiscal Agent -2017
1 1 1 US Bank
Total Cash with Fiscal Agent 26,904,244 26,904,244 26,904,244 30,064,246
Page 6 of9
9TREASURER'S MONTHLY REPORT
CALCULATION OF INVESTMENT LIMITATIONS
August 31, 2020
By Maturity: Minimum
1 day to 365 days N/A
1 year to 3 years N/A
3 years to 5 years N/A
Total:
B~e of Investment:
Bank -Checking/Custody N/A
Bankers Acceptance -in total N/A
Bankers Acceptance -by issuer N/A
Commercial Paper N/A
Time Deposits N/A
Negotiable Certificates of Deposit -in total N/A
Negotiable Certificates of Deposit -by issuer N/A
Corporate Notes -in total N/A
Corporate Notes -by issuer N/A
CA State or City Bonds/Local Agency Bonds -in total N/A
CA State or City Bonds/Local Agency Bonds -by issuer N/A
Money Market Funds N/A
Money Market Mutual Funds -Less than 1 Year N/A
Money Market Mutual Funds -More than 1 Year NIA
LAIF N/A
U.S. Government Agencies N/A
U.S. Treasury Notes/Bonds N/A
Total:
Page 7 of 9
Maximum August 31 1 2020
N/A 68.21%
50.00% 31.57%
30.00% 0.21%
100.00%
100.00% 19.30%
20.00% 0.00%
5.00% 0.00%
15.00% 0.00%
10.00% 0.00%
30.00% 2.24%
5.00% 0.00%
20.00% 1.33%
5.00% 0.00%
15.00% 0.00%
5.00% 0.00%
10.00% 0.00%
50.00% 15.96%
25.00% 0.00%
100.00% 29.54%
60.00% 31.63%
100.00% 0.00%
100.00%
10TREASURER'S MONTHLY REPORT
CALCULATION OF WEIGHTED AVERAGE MATURITY
August31,2020
Description Maturity/Called Current No. of Days X Cost
Date Date Days
Ion Call Deposits
Checking -Bank of America 08/31/20 1 15,700,096
Union Bank 08/31/20 1 29,471,158
CalTrust ShortTerm 08/31/20 1 37,349,393
Local Agency Invest Fund (LAIF) 08/31/20 1 69,149,888
I short Term Investments (1 year or less)
US Agency Securities
Federal Home Loan Mortgage Corporation 09/28/20 08/31/20 28 84,000,000
Federal National Mortgage Association 11/24/20 08/31/20 85 42,500,000
Federal National Mortgage Association 02/16/21 08/31/20 353 353,000,000
I Medium Term Investments (1 year to 3 years)
US Agency Securities
Federal National Mortgage Association 08/25/21 08/31/20 359 359,000,000
Federal Home Loan Bank 11/15/21 08/31/20 441 441,000,000
Federal Home Loan Bank 12/20/21 08/31/20 476 1,450,105,440
Federal National Mortgage Association 01/05/22 08/31/20 492 1,509,460,920
Federal National Mortgage Association 01/11/22 08/31/20 498 1,546,827,840
Federal Home Loan Mortgage Corporation 01/13/22 08/31/20 500 1,546,410,000
US Treasury Notes 05/31/22 08/31/20 638 2,004,809,086
Federal Home Loan Mortgage Corporation 06/08/22 08/31/20 646 1,938,969,000
US Treasury Notes 06/15/22 08/31/20 653 2,055,056,052
US Treasury Notes 06/30/22 08/31/20 668 2,102,740,053
US Treasury Notes 07/15/22 08/31/20 683 2,149,062,177
Federal Home Loan Mortgage Corporation 07/25/22 08/31/20 693 1,849,956,224
US Treasury Notes 08/15/22 08/31/20 714 2,236,906,222
US Treasury Notes 08/15/22 08/31/20 714 2,243,116,059
Federal National Mortgage Association 09/06/22 08/31/20 736 2,247,876,480
Federal National Mortgage Association 10/05/22 08/31/20 765 2,365,502,400
Federal Home Loan Bank 10/26/22 08/31/20 786 1,572,000,000
US Treasury Notes 01/15/23 08/31/20 867 2,836,274,495
Federal National Mortgage Association 01/19/23 08/31/20 871 2,729,801,100
Federal Home Loan Bank 02/17/23 08/31/20 900 2,747,082,600
US Treasury Notes 02/28/23 08/31/20 911 2,983,943,149
US Treasury Notes 03/15/23 08/31/20 926 2,948,663,439
US Treasury Notes 03/31/23 08/31/20 942 3,087,351,664
Page 8 of 9
11TREASURER'S MONTHLY REPORT
CALCULATION OF WEIGHTED AVERAGE MATURITY
August31,2020
Description Maturity/Called Current No. of Days X Cost
Date Date Days
Federal Home Loan Mortgage Corporation 07/10/23 08/31/20 1,043 2,903,713,565
Federal Home Loan Mortgage Corporation 08/24/23 08/31/20 1,088 2,255,297,248
I corporate Bonds/Obligations (5 years or less)
Apple Incorporated 02/09/22 08/31/20 527 1,077,546,360
Microsoft Corporation 08/08/23 08/31/20 1,072 1,236,458,736
I Negotiable Certificates of Deposit (5 years or less)
BMW Bank NA CD 09/08/20 08/31/20 8 2,000,000
TIMFSBCD 09/14/20 08/31/20 14 3,500,000
Key Bank NA CD 09/25/20 08/31/20 25 6,250,000
First Bank of Highland CD 11/02/20 08/31/20 63 15,750,000
Barclays Bank CD 11/09/20 08/31/20 70 17,500,000
Investors Bank CD 12/28/20 08/31/20 119 29,750,000
Carver Federal Savings Bank CD 12/29/20 08/31/20 120 30,000,000
Citizens National Bank CD 01/19/21 08/31/20 141 35,250,000
Marlin Business Bank CD 01/19/21 08/31/20 141 35,250,000
Capital One Bank, NA CD 08/02/21 08/31/20 336 84,000,000
American Express FSB CD 09/13/21 08/31/20 378 94,500,000
Third Federal Savings & Loan CD 09/15/21 08/31/20 380 95,000,000
Patriot Bank CD 01/31/22 08/31/20 518 129,500,000
Synchrony Bank CD 03/15/22 08/31/20 561 140,250,000
Merrick Bank CD 03/21/22 08/31/20 567 141,750,000
Goldman Sachs Bank CD 08/02/22 08/31/20 701 175,250,000
American Express Centurion CD 08/22/22 08/31/20 721 180,250,000
Capital One Bank USA, NA CD 08/23/22 08/31/20 722 180,500,000
Citibank, NA CD 07/24/23 08/31/20 1,057 264,250,000
Comenity Capital Bank CD 10/17/23 08/31/20 1,142 285,500,000
UBS Bank USA CD 10/17/23 08/31/20 1,142 285,500,000
Total Investments at Cost 235,659,469
WAM in Days 243
Page 9 of 9